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The Federated States of Micronesia (/ ˌ m aɪ k r oʊ ˈ n iː ʒ ə / ⓘ, abbreviated FSM), or simply Micronesia, is an island country in Micronesia, a subregion of Oceania.The federation consists of four states—from west to east: Yap, Chuuk, Pohnpei, and Kosrae—that span across the western Pacific just north of the equator, for a longitudinal distance of almost 2,700 km (1,700 mi).
The Compacts of Free Association (COFA) are international agreements establishing and governing the relationships of free association between the United States and the three Pacific Island sovereign states of the Federated States of Micronesia (FSM), the Republic of the Marshall Islands (RMI), and the Republic of Palau.
The Federated States of Micronesia and the Marshall Islands share very good relations, as they are both bound by Compacts of Free Association with the United States. [citation needed] Mexico: Mexico is accredited to Micronesia from its embassy in Manila, Philippines. [14] Micronesia does not have an accreditation to Mexico. Palau: See Federated ...
A currency union (also known as monetary union) is an intergovernmental agreement that involves two or more states sharing the same currency. These states may not necessarily have any further integration (such as an economic and monetary union , which would have, in addition, a customs union and a single market ).
Department of Finance and Administration of the Federated States of Micronesia is a government department in the Micronesia responsible for effective management of public financial assets, strengthening tax collection, maximizing investments and maintaining border control of Micronesia.
The Federated States of Micronesia are located in the region known as Micronesia, which consists of hundreds of small islands divided in seven territories. The term Micronesia may refer to the Federated States or to the region as a whole, even though the lack of a central government makes it a sovereign group of states, not a country .
The economic activity of the Federated States of Micronesia consists primarily of subsistence agriculture and fishing. The islands have few mineral deposits worth exploiting, except for high-grade phosphate. The potential for a tourist industry exists, but the remoteness of the location and a lack of adequate facilities hinder development.
In the Federated States of Micronesia, education is required for citizens aged 6 to 13, [70] and is important to their economy. [71] The literacy rate for citizens aged 15 to 24 is 98.8%. [ 72 ] The College of Micronesia-FSM has a campus in each of the four states with its national campus in the capital city of Palikir , Pohnpei .